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Hanjin Puts Asia-US Routes Up for Sale

South Korean container shipper Hanjin Shipping said on Monday that it would close all 10 of its European businesses operations.

Hanjin, which was the world’s seventh-largest container shipper when it filed for receivership on August 31, has also put assets from its Asia-US routes up for sale and was in talks with Mediterranean Shipping Co. over selling its Long Beach Terminal stake, the report said, CNBC reported.

Banks stopped providing financial support to Hanjin, which had been bleeding red ink, in late August, prompting the shipping line to file for court receivership. As a result, as many as 66 of Hanjin’s container ships were denied access to ports around the world and at least one ship was seized, according to media reports.

According to industry data provider Alphaliner, Hanjin had 98 ships and a 2.9% market share. That compared with the largest, APM-Maersk, with about 622 ships and a 15.4% market share.

Hanjin’s troubles, which followed years of low shipping rates, had spurred concerns about the potential for delayed shipments globally.

Shares of Hanjin fell 12%, the biggest decline since Sept. 21, to close at 1,005 won ($0.89) in Seoul.

Hanjin had about 4.3% market share on the Asia-Europe trade last year, according to the company. It hauled 1.27 million 20-foot containers last year on the route, accounting for 27% of its total 4.62 million. The company’s representative declined to say how many employees Hanjin had at its Europe business, and how many of them would lose their jobs.